Islamabad: In a historic achievement, the Federal Board of Revenue (FBR) has exceeded its quarterly revenue target by collecting Rs1635 billion in the first quarter of the fiscal year 2023.
On Friday, the FBR released provisional revenue collection figures for September and the first quarter (July-September) of the current financial year.
FBR creates history by collecting Rs.1635 billion in the first quarter of current FY. This performance is achieved despite zero sales tax on POL products, import compression and recent floods. FBR expresses gratitude to taxpayers for making this record collection possible.
— FBR (@FBRSpokesperson) September 30, 2022
According to the report, the FBR collected net revenue of Rs685 billion during September against the target of Rs684 billion, which is 27% higher than the collection of September last year.
FBR exceeds August revenue target; collects Rs489 billion in taxes
Similarly, the target of the first quarter of the current financial year has also been surpassed by achieving Rs1635 billion against the target of Rs1609 billion – a 17% increase from the target.
It is pertinent to know that this performance in revenue collection is despite zero rating of Sales Tax on POL products, import compression, and the prevailing situation of floods.
“This impressive growth is primarily based on the 41% growth in direct taxes in the first quarter, which is in line with the policy of the government to tax the rich and affluent,” the FBR said in a statement.
It also said that the performance was reflective of the robust revenue mobilization strategy of the FBR and effective enforcement by the field formations.
On the other hand, the refunds disbursed during the first quarter amounted to Rs84 billion against Rs62 billion in the first quarter of the last year, which is 35.5% higher.
The FBR also expressed profound gratitude to all the taxpayers who made this remarkable record collection possible during the first quarter of the year.
FBR exceeds Rs 6.1 trillion revenue target, collects Rs 6.125tr net revenue during FY 2021-22
